Market News

Milk futures higher, cash dairy mixed

Milk futures on the Chicago Mercantile were higher Monday ahead of a bullish milk production report.

April Class III milk remained unchanged at $15.92.  May up 13 cents at $15.82.  June up nine cents at $16.04.  July six cents higher at $16.25.  August through December contracts were a nickel to seven cents higher.

Dry whey down $0.0025 at $0.3375.  Seven trades were made ranging from $0.3375 to $0.34.

Blocks up $0.0075 at $1.6750.  One trade was made at that price.

Barrels up $0.06 at $1.5750.  One trade was made at that price.

Butter down $0.0125 at $2.27.  One trade was made at that price.

Nonfat dry milk unchanged at $1.00. 

Cooperatives Working Together says 20 offers for export assistance have been accepted to help move nearly 183,000 pounds of Cheddar, Colby, Gouda, Monterey Jack, and Swiss cheese; more than 469,000 pounds of butter; nearly 474,000 pounds of whole milk powder; and more than 392,000 pounds of cream cheese. Delivery is contracted for May through September and will be sent to customers in Asia, Central America, the Middle East, and South America.

The USDA says the amount of cheese and butter in cold storage during March was up on the month.

Cheese stocks totaled more than 1.3 billion pounds, up one percent on the month and four percent on the year.  American and other types of cheese made up most stocks.

Butter inventories were up 11 percent from February, but down one percent from last year at more than 270 million pounds.